Tracking existing home inventory is very important in 2022.
Inventory usually declines in the winter, and this is a new record low for this series.
This inventory graph is courtesy of Altos Research.
As of February 11th, inventory was at 250 thousand (7-day average), compared to 344 thousand for the same week a year ago. That is a decline of 27.5%.
A week ago, inventory was at 256 thousand, and was down 27.9% YoY.
Inventory was down 5.9% from the previous week.
Compared to the same week in 2020, inventory is down 65.7% from 727 thousand.
Last year, seasonally, inventory bottomed in April 2021 – very late in the year – usually inventory bottoms by February. An early key in 2022 will be to watch if inventory bottoms earlier this year.
Mike Simonsen discusses this data regularly on Youtube.